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On May 23, 1933, Congressman, Louis T. McFadden, brought formal charges 

against the Board of Governors of the Federal Reserve Bank system, The 

Comptroller of the Currency and the Secretary of United States Treasury for 

numerous criminal acts, including but not limited to, CONSPIRACY, 


The petition for Articles of Impeachment was thereafter referred to the 

Judiciary Committee and has 


So, this ELECTRONIC BOOKLET should be reprinted, reposted, 

set up on web pages and circulated far and wide. 

Congressman McFadden 
on the Federal Reserve Corporation 

Remarks in Congress, 1934 

Reprinted by permission 1978 Arizona Caucus Club 

Congressman McFadden's Speech 
On the Federal Reserve Corporation 

Quotations from several speeches made on the Floor of the House of 
Representatives by the Honorable Louis T. McFadden of Pennsylvania. Mr. 
McFadden, due to his having served as Chairman of the Banking and 
Currency Committee for more than 10 years, was the best posted man on these 
matters in America and was in a position to speak with authority of the vast 
ramifications of this gigantic private credit monopoly. As Representative of a 
State which was among the first to declare its freedom from foreign money 
tyrants it is fitting that Pennsylvania, the cradle of liberty, be again given the 
credit for producing a son that was not afraid to hurl defiance in the face of the 
money-bund. Whereas Mr. McFadden was elected to the high office on both 
the Democratic and Republican tickets, there can be no accusation of 
partisanship lodged against him. Because these speeches are set out in full in 
the Congressional Record, they carry weight that no amount of condemnation 
on the part of private individuals could hope to carry. 

The Federal Reserve-A Corrupt Institution 

"Mr. Chairman, we have in this Country one of the most corrupt institutions 
the world has ever known. I refer to the Federal Reserve Board and the 
Federal Reserve Banks, hereinafter called the Fed. The Fed has cheated the 

Government of these United States and the people of the United States out of 
enough money to pay the Nation's debt. The depredations and iniquities of the 
Fed has cost enough money to pay the National debt several times over. 

"This evil institution has impoverished and ruined the people of these United 
States, has bankrupted itself, and has practically bankrupted our Government. 
It has done this through the defects of the law under which it operates, through 
the maladministration of that law by the Fed and through the corrupt practices 
of the moneyed vultures who control it. 

"Some people who think that the Federal Reserve Banks United States 
Government institutions. They are private monopolies which prey upon the 
people of these United States for the benefit of themselves and their foreign 
customers; foreign and domestic speculators and swindlers; and rich and 
predatory money lender. In that dark crew of financial pirates there are those 
who would cut a man's throat to get a dollar out of his pocket; there are those 
who send money into states to buy votes to control our legislatures; there are 
those who maintain International propaganda for the purpose of deceiving us 
into granting of new concessions which will permit them to cover up their past 
misdeeds and set again in motion their gigantic train of crime. 

"These twelve private credit monopolies were deceitfully and disloyally 
foisted upon this Country by the bankers who came here from Europe and 
repaid us our hospitality by undermining our American institutions. Those 
bankers took money out of this Country to finance Japan in a war against 
Russia. They created a reign of terror in Russia with our money in order to 
help that war along. They instigated the separate peace between Germany and 
Russia, and thus drove a wedge between the allies in World War. They 
financed Trotsky's passage from New York to Russia so that he might assist in 
the destruction of the Russian Empire. They fomented and instigated the 
Russian Revolution, and placed a large fund of American dollars at Trotsky's 
disposal in one of their branch banks in Sweden so that through him Russian 
homes might be thoroughly broken up and Russian children flung far and 
wide from their natural protectors. They have since begun breaking up of 
American homes and the dispersal of American children. "Mr. Chairman, 
there should be no partisanship in matters concerning banking and currency 
affairs in this Country, and I do not speak with any. 

"In 1912 the National Monetary Association, under the chairmanship of the 
late Senator Nelson W. Aldrich, made a report and presented a vicious bill 
called the National Reserve Association bill. This bill is usually spoken of as 
the Aldrich bill. Senator Aldrich did not write the Aldrich bill. He was the 
tool, if not the accomplice, of the European bankers who for nearly twenty 
years had been scheming to set up a central bank in this Country and who in 
1912 has spent and were continuing to spend vast sums of money to 
accomplish their purpose. 

"We were opposed to the Aldrich plan for a central bank. The men who rule 
the Democratic Party then promised the people that if they were returned to 
power there would be no central bank established here while they held the 
reigns of government. Thirteen months later that promise was broken, and the 
Wilson administration, under the tutelage of those sinister Wall Street figures 
who stood behind Colonel House, established here in our free Country the 
worm-eaten monarchical institution of the "King's Bank" to control us from 
the top downward, and from the cradle to the grave. 

"The Federal Reserve Bank destroyed our old and characteristic way of doing 
business. It discriminated against our 1-name commercial paper, the finest in 
the world, and it set up the antiquated 2-name paper, which is the present 
curse of this Country and which wrecked every country which has ever given 
it scope; it fastened down upon the Country the very tyranny from which the 
framers of the Constitution sough to save us. 


"One of the greatest battles for the preservation of this Republic was fought 
out here in Jackson's time; when the second Bank of the United States, 
founded on the same false principles of those which are here exemplified in 
the Fed was hurled out of existence. After that, in 1837, the Country was 
warned against the dangers that might ensue if the predatory interests after 
being cast out should come back in disguise and unite themselves to the 
Executive and through him acquire control of the Government. That is what 
the predatory interests did when they came back in the livery of hypocrisy and 
under false pretenses obtained the passage of the Fed. 

"The danger that the Country was warned against came upon us and is shown 
in the long train of horrors attendant upon the affairs of the traitorous and 
dishonest Fed. Look around you when you leave this Chamber and you will 
see evidences of it in all sides. This is an era of misery and for the conditions 
that caused that misery, the Fed are fully liable. This is an era of financed 
crime and in the financing of crime the Fed does not play the part of a 
disinterested spectator. 

"It has been said that the draughts man who was employed to write the text of 
the Aldrich bill because that had been drawn up by lawyers, by acceptance 
bankers of European origin in New York. It was a copy, in general a 
translation of the statues of the Reichsbank and other European central banks. 
One-half million dollars was spent on the part of the propaganda organized by 
these bankers for the purpose of misleading public opinion and giving 
Congress the impression that there was an overwhelming popular demand for 
it and the kind of currency that goes with it, namely, an asset currency based 
on human debts and obligations. Dr. H. Parker Willis had been employed by 
Wall Street and propagandists, and when the Aldrich measure failed- he 

obtained employment with Carter Glass, to assist in drawing the banking bill 
for the Wilson administration. He appropriated the text of the Aldrich bill. 
There is no secret about it. The test of the Federal Reserve Act was tainted 
from the first. 

"A few days before the bill came to a vote, Senator Henry Cabot Lodge, of 
Massachusetts, wrote to Senator John W. Weeks as follows: 

New York City, 
December 17, 1913 

"My Dear Senator Weeks: 

"'Throughout my public life I have supported all measures designed 
to take the Government out of the banking business. This bill puts the 
Government into the banking business as never before in our history. 
"'The powers vested in the Federal Reserve Board seen to me highly 
dangerous especially where there is political control of the Board. I 
should be sorry to hold stock in a bank subject to such dominations. 
The bill as it stands seems to me to open the way to a vast inflation of 
the currency. '"I had hoped to support this bill, but I cannot vote for 
it cause it seems to me to contain features and to rest upon principles 
in the highest degree menacing to our prosperity, to stability in 
business, and to the general welfare of the people of the United 

Very Truly Yours, 
Henry Cabot Lodge. '" 

"In eighteen years that have passed since Senator Lodge wrote that letter of 
warning all of his predictions have come true. The Government is in the 
banking business as never before. Against its will it has been made the backer 
of horse thieves and card sharps, bootlegger's smugglers, speculators, and 
swindlers in all parts of the world. Through the Fed the riffraff of every 
country is operating on the public credit of the United States Government. 


"Meanwhile and on account of it, we ourselves are in the midst of the greatest 
depression we have ever known. From the Atlantic to the Pacific, our Country 
has been ravaged and laid waste by the evil practices of the Fed and the 
interests which control them. At no time in our history, has the general 
welfare of the people been at a lower level or the minds of the people so full 
of despair. 

"Recently in one of our States, 60,000 dwelling houses and farms were 
brought under the hammer in a single day. 71,000 houses and farms in 
Oakland County, Michigan, were sold and their erstwhile owners 
dispossessed. The people who have thus been driven out are the wastage of 
the Fed. They are the victims of the Fed. Their children are the new slaves of 
the auction blocks in the revival of the institution of human slavery. 

The Scheme of the Fed 

"In 1913, before the Senate Banking and Currency Committee, Mr. Alexander 
Lassen made the following statement: "The whole scheme of the Fed with its 
commercial paper is an impractical, cumbersome machinery- is simply a 
cover to secure the privilege of issuing money, and to evade payment of as 
much tax upon circulation as possible and then control the issue and maintain, 
instead of reducing interest rates. It will prove to the advantage of the few and 
the detriment of the people. It will mean continued shortage of actual money 
and further extension of credits, for when there is a shortage of money people 
have to borrow to their cost.' "A few days before the Fed passed, Senator Root 
denounced the Fed as an outrage on our liberties. He predicted: 'Long before 
we wake up from our dream of prosperity through an inflated currency, our 
gold- which alone could have kept us from catastrophe- will have vanished 
and no rate of interest will tempt it to return. 1 

"If ever a prophecy came true, that one did. 

"The Fed became law the day before Christmas Eve, in the year 1913, and 
shortly afterwards, the German International bankers, Kuhn, Loeb and Co. 
sent one of their partners here to run it. 

"The Fed Note is essentially unsound. It is the worst currency and the most 
dangerous that this Country has ever known. When the proponents of the act 
saw that the Democratic doctrine would not permit them to let the proposed 
banks issue the new currency as bank notes, they should have stopped at that. 
They should not have foisted that kind of currency, namely, an asset currency, 
on the United States Government. They should not have made the 
Government [liable on the private] debts of individuals and corporations, and, 
least of all, on the private debts of foreigners. "As Kemerer says: 'The Fed 
Notes, therefore, in form, have some of the qualities of Government paper 
money, but in substance, are almost a pure asset currency possessing a 
Government guarantee against which contingency the Government has made 
no provision whatever.' 

"Hon. L.J.Hill, a former member of the House, said, and truly: "They are 
obligations of the Government for which the United States received nothing 
and for the payment of which at any time, it assumes the responsibility: 
looking to the Fed to recoup itself 

"If this United States is to redeem the Fed Notes, when the General Public 
finds it costs to deliver this paper to the Fed, and if the Government has made 
no provisions for redeeming them, the first element of unsoundness is not far 
to seek. 

"Before the Banking and Currency Committee, when the bill was under 
discussion Mr. Crozier of Cincinnati said: 'The imperial power of elasticity of 
the public currency is wielded exclusively by the central corporations owned 
by the banks. This is a life and death power over all local banks and all 
business. It can be used to create or destroy prosperity, to ward off or cause 
stringencies and panics. By making money artificially scarce, interest rates 
throughout the Country can be arbitrarily raised and the bank tax on all 
business and cost of living increased for the profit of the banks owning these 
regional central banks, and without the slightest benefit to the people. The 12 
Corporations together cover y and monopolize and use for private gain- every 
dollar of the public currency and all public revenue of the United States. Not a 
dollar can be put into circulation among the people by their Government, 
without the consent of and on terms fixed by these 12 private money trusts.' 

"In defiance of this and all other warnings, the proponents of the Fed created 
the 12 private credit corporations and gave them an absolute monopoly of the 
currency of these United States- not of the Fed Notes alone- but of all other 
currency! The Fed Act providing ways and means by which the gold and 
general currency in the hands of the American people could be obtained by 
the Fed in exchange for Fed Notes- which are not money- but mere promises 
to pay. 

"Since the evil day when this was done, the initial monopoly has been 
extended by vicious amendments to the Fed and by the unlawful and 
treasonable practices of the Fed. 

Money for the Scottish Distillers 

"Mr. Chairman, if a Scottish distiller wishes to send a cargo of Scotch 
whiskey to these United States, he can draw his bill against the purchasing 
bootlegger in dollars and after the bootlegger has accepted it by writing his 
name across the face of it, the Scotch distiller can send that bill to the 
nefarious open discount market in New York City where the Fed will buy it 
and use it as collateral for a new issue of Fed Notes. Thus the Government of 
these United States pay the Scotch distiller for the whiskey before it is 
shipped, and if it is lost on the way, or if the Coast Guard seizes it and 
destroys it, the Fed simply write off the loss and the government never 
recovers the money that was paid to the Scotch distiller. 

"While we are attempting to enforce prohibition here, the Fed are in the 
distillery business in Europe and paying bootlegger bills with public credit of 

these United States. "Mr. Chairman, by the same process, they compel our 
Government to pay the German brewer for his beer. Why should the Fed be 
permitted to finance the brewing industry in Germany either in this way or as 
they do by compelling small and fearful United States Banks to take stock in 
the Isenbeck Brewery and in the German Bank for brewing industries? "Mr. 
Chairman, if Dynamit Nobel of Germany, wishes to sell dynamite in Japan to 
use in Manchuria or elsewhere, it can drew its bill against the Japanese 
customers in dollars and send that bill to the nefarious open discount market 
in New York City where the Fed will buy it and use it as collateral for a new 
issue of Fed Notes- while at the same time the Fed will be helping Dynamit 
Nobel by stuffing its stock into the United States banking system. 

"Why should we send our representatives to the disarmament conference at 
Geneva- while the Fed is making our Government pay Japanese debts to 
German Munitions makers? 

"Mr. Chairman, if a German wishes to raise a crop of beans and sell them to a 
Japanese customer, he can draw a bill against his prospective Japanese 
customer in dollars and have it purchased by the Fed and get the money out of 
this Country at the expense of the American people before he has even planted 
the beans in the ground. "Mr. Chairman, if a German in Germany wishes to 
export goods to South America, or any other Country, he can draw his bill 
against his customers and send it to these United States and get the money out 
of this Country before he ships, or even manufactures the goods. 

"Mr. Chairman, why should the currency of these United States be issued on 
the strength of German Beer? Why should it be issued on the crop of 
unplanted beans to be grown in Chili for Japanese consumption? Why should 
these United States be compelled to issue many billions of dollars every year 
to pay the debts of one foreigner to another foreigner? "Was it for this that our 
National Bank depositors had their money taken out of our banks and shipped 
abroad? Was it for this that they had to lose it? Why should the public credit 
of these United States and likewise money belonging to our National Bank 
depositors be used to support foreign brewers, narcotic drug vendors, whiskey 
distillers, wig makes, human hair merchants, Chilean bean growers, to finance 
the munition factories of Germany and Soviet Russia? 


"The United States has been ransacked and pillaged. Our structures have been 
gutted and only the walls are left standing. While being perpetrated, 
everything the world would rake up to sell us was brought in here at our 
expense by the Fed until our markets were swamped with unneeded and 
unwanted imported goods priced far above their value and make to equal the 
dollar volume of our honest exports, and to kill or reduce our favorite balance 
of trade. As Agents of the foreign central banks the Fed try by every means in 

their power to reduce our favorable balance of trade. They act for their foreign 
principal and they accept fees from foreigners for acting against the best 
interests of these United States. Naturally there has been great competition 
among among foreigners for the favors of the Fed. 

"What we need to do is to send the reserves of our National Banks home to 
the people who earned and produced them and who still own them and to the 
banks which were compelled to surrender them to predatory interests. 

"Mr. Chairman, there is nothing like the Fed pool of confiscated bank deposits 
in the world. It is a public trough of American wealth in which the foreigners 
claim rights, equal to or greater than Americans. The Fed are the agents of the 
foreign central banks. They use our bank depositors' money for the benefit of 
their foreign principals. They barter the public credit of the United States 
Government and hire it our to foreigners at a profit to themselves. 

"All this is done at the expense of the United States Government, and at a 
sickening loss to the American people. Only our great wealth enabled us to 
stand the drain of it as long as we did. 

"We need to destroy the Fed wherein our national reserves are impounded for 
the benefit of the foreigners. "We need to save America for Americans. 


"Mr. Chairman, when you hold a $10.00 Fed Note in your hand, you are 
holding apiece of paper which sooner or later is going to cost the United 
States Government $10.00 in gold (unless the Government is obliged to go off 
the gold standard). It is based on limburger cheese (reported to be in foreign 
warehouses) or in cans purported to contain peas (but may contain salt water 
instead), or horse meat, illicit drugs, bootleggers fancies, rags and bones from 
Soviet Russia (of which these United States imported over a million dollars 
worth last year), on wines whiskey, natural gas, goat and dog fur, garlic on the 
string, and Bombay ducks. 

"If you like to have paper money- which is secured by such commodities- you 
have it in Fed Note. If you desire to obtain the thing of value upon which this 
paper currency is based, that is, the limburger cheese, the whiskey, the illicit 
drugs, or any of the other staples- you will have a very hard time finding 

"Many of these worshipful commodities are in foreign Countries. Are you 
going to Germany to inspect her warehouses to see if the specified things of 
value are there? I think more, I do not think that you would find them there if 
you did go. 

"On April 27, 1932, the Fed outfit sent $750,000 belonging to American bank 
depositors in gold to Germany. A week later another $300,000 in gold was 
shipped to Germany. About the middle of May $12,000,000 in gold was 
shipped to Germany by the Fed. Almost every week there is a shipment of 
gold to Germany. These shipments are not made for profit on the exchange 
since the German marks are blow parity with the dollar. 

"Mr. Chairman, I believe that the National Bank depositors of these United 
States have a right to know what the Fed are doing with their money. There 
are millions of National Bank depositors in the Country who do not know that 
a percentage of every dollar they deposit in a Member Bank of the Fed goes 
automatically to American Agents of the foreign banks and that all their 
deposits can be paid away to foreigners without their knowledge or consent by 
the crooked machinery of the Fed and the questionable practices of the Fed. 

[Ed. Note- Problem with next paragraph in original] "Mr. Chairman, the 
American people should be told the truth by their servants in office. In 1930, 
we had over a half billion dollars outstanding daily to finance foreign goods 
stored in or shipped between several billion dollars. What goods are these on 
which the Fed yearly pledge several billions of dollars. In its yearly total, this 
item amounts to several billions of dollars of the public credit of these United 

"What goods are those which are hidden in European and Asiatic stores have 
not been seen by any officer of our Government but which are being financed 
on the public credit of the United States Government? What goods are those 
upon which the 17 United States Government is being obligated by the Fed to 
issue Fed Notes to the extent of several billions of dollars a year? 

The Bankers' Acceptance Racket 

"The Fed have been International Banks from the beginning, with these 
United States as their enforced banker and supplier of currency. But it is none 
the less extraordinary to see these these twelve private credit monopolies, 
buying the debts of foreigners against foreigners, in all parts of the world and 
asking the Government of these United States for new issues of Fed notes in 
exchange for them. "The magnitude of the acceptance racket as it has been 
developed by the Fed, their foreign correspondents, and the predatory 
European born bankers, who set up the Fed here and taught your own, by and 
of pirates, how to loot the people: I say the magnitude of this racket is 
estimated to be in the neighborhood of 9,000,000,000 per year. In the past ten 
years it is said to have amounted to $90,000,000,000.00. In my opinion it has 
amounted to several times that much, coupled to this you have to the extent of 
billions of dollars, the gambling in the United States securities, which takes 
place in the same open discount market- a gambling on which the Fed is now 
spending $100,000,000.00 per week. 

"Fed Notes are taken from the U.S. Government in unlimited quantities. Is is 
strange that the burden of supplying these immense sums of money to the 
gambling fraternity has at last proved too heavy for the American people to 
endure? Would it not be a national [calamity to] again bind down this burden 
on the backs of the American people and by means of a long rawhide whip of 
the credit masters, compel them to enter another seventeen years of slavery? 

"They are trying to do that now. They are trying to take $100,000,000.00 of 
the public credit of the United States every week, in addition to all their other 
seizures and they are sending that money to the nefarious open market in a 
desperate gamble to reestablish their graft as a going concern. 

"They are putting the United States Government in debt to the extent of 
$100,000,000 a week, and with the money they are buying our Government 
securities for themselves and their foreign principals. Our people are disgusted 
with the experiences of the Fed. The Fed is not producing a loaf of bread, a 
yard of cloth, a bushel of corn, or a pile of cordwood by its check-kiting 
operations in the money market. 

"Mr. Speaker, on the 13th of January of this year I addressed the House on the 
subject of the Reconstruction Finance Corporation. In the course of my 
remarks I made the following statement: In 1928 the member banks of the Fed 
borrowed $60,598,690,000. from the Fed on their fifteen-day promissory 
notes. Think of it. Sixty billion dollars payable on demand in gold in the 
course of one single year. The actual amount of such obligations called for six 
times as much monetary gold as there is in the world. Such transactions 
represent a grant in the course of one single years of about $7,000,000 to 
every member of the Fed. 

"Is it any wonder that American labor which ultimately pays the cost of all 
banking operations of this Country has at last proved unequal to the task of 
supplying this huge total of cash and credit for the benefit of the stock market 
manipulators and foreign swindlers? "In 1933 the Fed presented the 
staggering amount of $60,598,690,000 to its member banks at the expense of 
the wage earners and tax payers of these United States. In 1929, the year of 
the stock market crash, the Fed advanced $58,000,000,000 to member banks. 

"In 1930 while the speculating banks were getting out of the stock market at 
the expense of the general public, the Fed advanced them $13,022,782,000. 
This shows that when the banks were gambling on the public credit of these 
United States as represented by the Fed currency they were subsidized to any 
amount they required by the Fed. When the swindle began to fall, the bankers 
knew it in advance and withdrew from the market. They got out with whole 
skins- and left the people of these United States to pay the piper. "My friend 
from Kansas, Mr. McGugin, has stated that he thought the Fed lent money on 
rediscounting. So they do, but they lend comparatively little that way. The real 

discounting that they do has been called a mere penny in the slot business. It is 
too slow for genuine high flyers. They discourage it. They prefer to subsidize 
their favorite banks by making them $60,000,000,000 advances and they 
prefer to acquire assistance in the notorious open discount market in New 
York, where they can use it to control the price of stocks and bonds on the 

"For every dollar they advanced on discounts in 1928, they lent $33.00 to their 
favorite banks for whom they do a business of several billion dollars income 
tax on their profits to these United States. 

The John Law Swindle 

"This is the John Law swindle over again. The theft of Teapot Dome was 
trifling compared to it. What King ever robbed his subject to such an extent as 
the Fed has robbed us? Is it any wonder that there have been lately ninety 
cases of starvation in one of the New York hospitals? Is there any wonder that 
the children are being abandoned? 

"The government and the people of these United States have been swindled by 
swindlers deluxe to whom the acquisition of American or a parcel of Fed 
Notes presented no more difficulty than the drawing up of a worthless 
acceptance in a Country not subject to the laws of these United States, by 
sharpers not subject to the jurisdiction of these United States, sharpers with 
strong banking "fence" on this side of the water, a "fence" acting as a receiver 
of a worthless paper coming from abroad, endorsing it and getting the 
currency out of the Fed for it as quickly as possible exchanging that currency 
for gold and in turn transmitting the gold to its foreign confederates. 

Ivar Kreuger, the Match King! 

"Such were the exploits of Ivar Krueger, Mr. Hoover's friend, and his rotten 
Wall Street bakers. Every dollar of the billions Kreuger and his gang drew out 
of this Country on acceptances was drawn from the government and the 
people of the United States through the Fed. The credit of the United States 
Government was peddled to him by the Fed for their own private gain. That is 
what the Fed has been doing for many years. 

"They have been peddling the credit of this Government and the [signature of 
this] Government to the swindlers and speculators of all nations. That is what 
happens when a Country forsakes its Constitution and gives its sovereignty 
over the public currency to private interests. Give them the flag and they will 
sell it. 

"The nature of Kreuger 1 s organized swindle and the bankrupt condition of 
Kreuger's combine was known here last June when Hoover sought to exempt 

Krueger's loan to Germany of $125,000,000 from the operation of the Hoover 
Moratorium. The bankrupt condition of Krueger's swindle was known her last 
summer when $30,000,000 was taken from the American taxpayers by certain 
bankers in New York for the ostensible purpose of permitting Krueger to 
make a loan to Colombia. Colombia never saw that money. 

"The nature of Krueger's swindle was known here in January when he visited 
his friend, Mr. Hoover, at the White House. It was known here in March 
before he went to Paris and committed suicide. 

"Mr. Chairman, I think the people of the United States are entitled to know 
how many billions of dollars were placed at the disposal of Krueger and his 
gigantic combine by the Fed, and to know how much of our Government 
currency was issued and lost in the financing of that great swindle in the years 
during which the Fed took care of Krueger's requirements. 

"A few days ago, the President of the United States with a white face and 
shaking hands, went before the Senate of behalf of the moneyed interests and 
asked the Senate to levy a tax on the people so that foreigners might know that 
these United States would pay its debt to them. 

"Most Americans thought it was the other way around. What does these 
United States owe foreigners? When and by whom was the debt incurred? It 
was incurred by the Fed, when they peddled the signature of the Government 
to foreigners- for a Price. It is what the United States Government has to pay 
to redeem the obligations of the Fed. 

Thieves Go Scot Free 

"Are you going to let these thieves get off scot free? Is there one law for the 
looter who drives up to the door of the United States Treasury in his limousine 
and another for the United States Veterans who are sleeping on the floor of a 
dilapidated house on the outskirts of Washington? 

"The Baltimore and Ohio Railroad is here asking for a large loan from the 
people, and the wage earners and the taxpayers of these United States. It is 
begging for a handout from the Government. It is standing, cap in hand, at the 
door of the R.F.C. where all the jackals have gathered to the feast. It is asking 
for money that was raised from the people by taxation and wants this money 
of the poor for the benefit of Kuhn, Loeb and Co., the German International 

"Is there one law for the Baltimore and Ohio Railroad and another for the 
hungry veterans it threw off its freight cars the other day? Is there one law for 
sleek and prosperous swindlers who call themselves bankers and another law 
for the soldiers who defended the flag? "The R.F.C. is taking over these 

worthless securities from the Investment Trusts with United States Treasury 
money at the expense of the American taxpayer and the wage earner. 

"It will take twenty years to redeem our Government. Twenty years of penal 
servitude to pay off the gambling debts of the traitorous Fed and to vast flood 
of American wages and savings, bank deposits, and the United States 
Government credit which the Fed exported out of this country to their foreign 

"The Fed lately conducted an anti-hoarding campaign here. They they took 
that extra money which they had persuaded the American people to put into 
the banks- they sent it to Europe- along with the rest. In the last several 
months, they have sent $1,300,000,000 in gold to their foreign employers, 
their foreign masters, and every dollar of that gold belonged to the people of 
these United States and was unlawfully taken from them. 

Fiat Money 

"Mr. Chairman, within the limits of the time allowed me, I cannot enter into a 
particularized discussion of the Fed. I have singled out the Fed currency for a 
few remarks because there has lately been some talk here of "fiat money". 
What kind of money is being pumped into the open discount market and 
through it into foreign channels and stock exchanges? Mr. Mills of the 
Treasury has spoken here of his horror of the printing presses and his horror of 
dishonest money. He has no horror of dishonest money. If he had, he would 
be no party to the present gambling of the Fed in the nefarious open discount 
market of New York, a market in which the sellers are represented by 10 
discount corporations owned and organized by the very banks which own and 
control the Fed. 

"Fiat money, indeed! 

"What Mr. Mills is fighting for is the preservation, whole and entire, of the 
banker's monopoly of all the currency of the United States Government. 

"Mr. Chairman, last December, I introduced a resolution here asking for an 
examination and an audit of the Fed and all related matters. If the House sees 
fit to make such an investigation, the people of these United States will obtain 
information of great value. This is a Government of the people, by the people, 
for the people. Consequently, nothing should be concealed from the people. 
The man who deceives the people is a traitor to these United States. 

"The man who knows or suspects that a crime has been committed and who 
conceals and covers up that crime is an accessory to it. Mr. Speaker, it is a 
monstrous thing for this great nation of people to have its destinies presided 

over by a traitorous government board acting in secret concert with 
international usurers. 

"Every effort has been made by the Fed to conceal its powers- but the truth is- 
the Fed has usurped the Government. It controls everything here and it 
controls all of our foreign relations. It makes and breaks governments at will. 

"No man and no body of men is more entrenched in power than the arrogant 
credit monopoly which operated the Fed. What National Government has 
permitted the Fed to steal from the people should now be restored to the 
people. The people have a valid claim against the Fed. If that claim is 
enforced the Americans will not need to stand in the bread line, or to suffer 
and die of starvation in the streets. Women will be saved, families will be kept 
together, and American children will not be dispersed and abandoned. 

"Here is a Fed Note. Immense numbers of the notes are now held abroad. I am 
told that they amount to upwards of a billion dollars. They constitute a claim 
against our Government and likewise a claim against our peoples' money to 
the extent of $1,300,000,000 which has within the last few months been 
shipped abroad to redeem Fed Notes and to pay other gambling debts of the 
traitorous Fed. The greater part of our money stock has been shipped to other 

"Why should we promise to pay the debts of foreigners to foreigners? Why 
should the Fed be permitted to finance our competitors in all parts of the 
world? Do you know why the tariff was raised? It was raised to shut out the 
flood of Fed Goods pouring in here from every quarter of the globe- cheap 
goods, produced by cheaply paid foreign labor, on unlimited supplies of 
money and credit sent out of this Country by the dishonest and unscrupulous 

"The Fed are spending $100,000,000 a week buying government securities in 
the open market and are making a great bid for foreign business. They are 
trying to make rates so attractive that the human hair merchants and the 
distillers and other business entities in foreign land will come her and hire 
more of the public credit of the United States Government to pay the Fed 
outfit for getting it for them. 

World Enslavement Planned 

"Mr. Chairman, when the Fed was passed, the people of these United States 
did not perceive that a world system was being set up here which would make 
the savings of the American school teacher available to a narcotic-drug vendor 
in Acapulco. They did not perceive that these United States was to be lowered 
to the position of a coolie country which has nothing but raw material and 
heart, that Russia was destined to supply the man power and that this country 

was to supply the financial power to an "international superstate". A 
superstate controlled by international bankers, and international industrialists 
acting together to enslave the world for their own pleasure? 

"The people of these United States are being greatly wronged. They have been 
driven from their employments. They have been dispossessed from their 
homes. They have been evicted from their rented quarters. They have lost 
their children. They have been left to suffer and die for lack of shelter, food, 
clothing and medicine. 

"The wealth of these United States and the working capital have been taken 
away from them and has either been locked in the vaults of certain banks and 
the great corporations or exported to foreign countries for the benefit of the 
foreign customers of these banks and corporations. So far as the people of the 
United States are concerned, the cupboard is bare. 

"It is true that the warehouses and coal yards and grain elevators are full, but 
these are padlocked, and the great banks and corporations hold the keys. 

"The sack of these United States by the Fed is the greatest crime in history. 

"Mr. Chairman, a serious situation confronts the House of Representatives 
today. We are trustees of the people and the rights of the people are being 
taken away from them. Through the Fed the people are losing the rights 
guaranteed to them by the Constitution. Their property has been taken from 
them without due process of law. Mr. Chairman, common decency requires us 
to examine the public accounts of the Government and see what crimes 
against the public welfare have been committed. 

"What is needed here is a return to the Constitution of these United States. 

"The old struggle that was fought out here in Jackson's time must be fought 
our over again. The independent United States Treasury should be 
reestablished and the Government should keep its own money under lock and 
key in the building the people provided for that purpose. 

"Asset currency, the devise of the swindler, should be done away with. The 
Fed should be abolished and the State boundaries should be respected. Bank 
reserves should be kept within the boundaries of the States whose people own 
them, and this reserve money of the people should be protected so that the 
International Bankers and acceptance bankers and discount dealers cannot 
draw it away from them. 

"The Fed should be repealed, and the Fed Banks, having violated their 
charters, should be liquidated immediately. Faithless Government officials 

who have violated their oaths of office should be impeached and brought to 

"Unless this is done by us, I predict, that the American people, outraged, 
pillaged, insulted and betrayed as they are in their own land, will rise in their 
wrath, and will sweep the money changers out of the temple. 

"Mr. Chairman, the United States is bankrupt: It has been bankrupted by the 
corrupt and dishonest Fed. It has repudiated its debts to its own citizens. Its 
chief foreign creditor is Great Britain, and a British bailiff has been at the 
White House and the British Agents are in the United States Treasury making 
inventory arranging terms of liquidations! 

Great Britain, Partner in Blackmail 

"Mr. Chairman, the Fed has offered to collect the British claims in full from 
the American public by trickery and corruption, if Great Britain will help to 
conceal its crimes. The British are shielding their agents, the Fed, because 
they do not wish that system of robbery to be destroyed here. They wish it to 
continue for their benefit! By means of it, Great Britain has become the 
financial mistress of the world. She has regained the position she occupied 
before the World War. 

"For several years she has been a silent partner in the business of the Fed. 
Under threat of blackmail, or by their bribery, or by their native treachery to 
the people of the United States, the officials in charge of the Fed unwisely 
gave Great Britain immense gold loans running into hundreds of millions of 
dollars. They did this against the law! Those gold loans were not single 
transactions. They gave Great Britain a borrowing power in the United States 
of billions. She squeezed billions out of this Country by means of her control 
of the Fed. 

"As soon as the Hoover Moratorium was announced, Great Britain moved to 
consolidate her gains. After the treacherous signing away of American rights 
at the 7-power conference at London in July, 193 1, which put the Fed under 
the control of the Bank of International Settlements, Great Britain began to 
tighten the hangman's noose around the neck of the United States. 

"She abandoned the gold standard and embarked on a campaign of buying up 
the claims of foreigners against the Fed in all parts of the world. She has now 
sent her bailiff, Ramsey MacDonald, here to get her war debt to this country 
canceled. But she has a club in her hands! She has title to the gambling debts 
which the corrupt and dishonest Fed incurred abroad. 

"Ramsey MacDonald, the labor party deserter, has come here to compel the 
President to sign on the dotted line, and that is what Roosevelt is about to do! 

Roosevelt will endeavor to conceal the nature of his action from the American 
people. But he will obey the International Bankers and transfer the war debt 
that Great Britain should pay to the American people, to the shoulders of the 
American taxpayers. 

"Mr. Chairman, the bank holiday in the several States was brought about by 
the corrupt and dishonest Fed. These institutions manipulated money and 
credit, and caused the States to order bank holidays. 

"These holidays were frame-ups! "They were dress rehearsals for the national 
bank holiday which Franklin D. Roosevelt promised Sir Ramsey MacDonald 
that he would declare. 

"There was no national emergency here when Franklin D. Roosevelt took 
office excepting the bankruptcy of the Fed- a bankruptcy which has been 
going on under cover for several years and which has been concealed from the 
people so that the people would continue to permit their bank deposits and 
their bank reserves and their gold and the funds of the United States Treasury 
to be impounded in these bankrupt institutions. 

"Under cover, the predatory International Bankers have been stealthily 
transferring the burden of the Fed debts to the people's Treasury and to the 
people themselves. They the farms and the homes of the United States to pay 
for their thievery! That is the only national emergency that there has been here 
since the depression began. 

"The week before the bank holiday ws declared in New York State, the 
deposits in the New York savings banks were greater than the withdrawals. 
There were no runs on New York Banks. There was no need of a bank holiday 
in New York, or of a national holiday. 

Roosevelt and the International Bankers 

"Roosevelt did what the International Bankers ordered him to do! 

"Do not deceive yourself, Mr. Chairman, or permit yourself to be deceived by 
others into the belief that Roosevelt's dictatorship is in any way intended to 
benefit the people of the United States: he is preparing to sign on the dotted 
line! "He is preparing to cancel the war debts by fraud! 

"He is preparing to internationalize this Country and to destroy our 
Constitution itself in order to keep the Fed intact as a money institution for 
foreigners. "Mr. Chairman, I see no reason why citizens of the United States 
should be terrorized into surrendering their property to the International 
Bankers who own and control the Fed. The statement that gold would be taken 

from its lawful owners if they did not voluntarily surrender it, to private 
interests, show that there is an anarchist in our Government. 

"The statement that it is necessary for the people to give their gold- the only 
real money- to the banks in order to protect the currency, is a statement of 
calculated dishonesty! 

"By his unlawful usurpation of power on the night of March 5, 1933, and by 
his proclamation, which in my opinion was in violation of the Constitution of 
the United States, Roosevelt divorced the currency of the United States from 
gold, and the United States currency is no longer protected by gold. It is 
therefore sheer dishonesty to say that the people's gold is needed to protect the 

"Roosevelt ordered the people to give their gold to private interests- that is, to 
banks, and he took control of the banks so that all the gold and gold values in 
them, or given into them, might be handed over to the predatory International 
Bankers who own and control the Fed. 

"Roosevelt cast his lot with the usurers. "He agreed to save the corrupt and 
dishonest at the expense of the people of the United States. 

"He took advantage of the people's confusion and weariness and spread the 
dragnet over the United States to capture everything of value that was left in 
it. He made a great haul for the International Bankers. 

"The Prime Minister of England came here for money! He came here to 
collect cash! 

"He came here with Fed Currency and other claims against the Fed which 
England had bought up in all parts of the world. And he has presented them 
for redemption in gold. 

"Mr. Chairman, I am in favor of compelling the Fed to pay their own debts. I 
see no reason why the general public should be forced to pay the gambling 
debts of the International Bankers. 

Roosevelt Seizes the Gold 

"By his action in closing the banks of the United States, Roosevelt seized the 
gold value of forty billions or more of bank deposits in the United States 
banks. Those deposits were deposits of gold values. By his action he has 
rendered them payable to the depositors in paper only, if payable at all, and 
the paper money he proposes to pay out to bank depositors and to the people 
generally in lieu of their hard earned gold values in itself, and being based on 

nothing into which the people can convert it the said paper money is of 
negligible value altogether. 

"It is the money of slaves, not of free men. If the people of the United States 
permit it to be imposed upon them at the will of their credit masters, the next 
step in their downward progress will be their acceptance of orders on 
company stores for what they eat and wear. Their case will be similar to that 
of starving coal miners. They, too, will be paid with orders on Company stores 
for food and clothing, both of indifferent quality and be forced to live in 
Company-owned houses from which they may be evicted at the drop of a hat. 
More of them will be forced into conscript labor camps under supervision. 

"At noon on the 4th of March, 1933, FDR with his hand on the Bible, took an 
oath to preserve, protect and defend the Constitution of the U.S. At midnight 
on the 5th of March, 1933, he confiscated the property of American citizens. 
He took the currency of the United States standard of value. He repudiated the 
internal debt of the Government to its own citizens. He destroyed the value of 
the American dollar. He released, or endeavored to release, the Fed from their 
contractual liability to redeem Fed currency in gold or lawful money on a 
parity with gold. He depreciated the value of the national currency. 

"The people of the U.S. are now using unredeemable paper slips for money. 
The Treasury cannot redeem that paper in gold or silver. The gold and silver 
of the Treasury has unlawfully been given to the corrupt and dishonest Fed. 
And the Administration has since had the effrontery to raid the country for 
more gold for the private interests by telling our patriotic citizens that their 
gold is needed to protect the currency. 

"It is not being used to protect the currency! It is being used to protect the 
corrupt and dishonest Fed. "The directors of these institutions have committed 
criminal offense against the United States Government, including the offense 
of making false entries on their books, and the still more serious offense of 
unlawfully abstracting funds from the United States Treasury! "Roosevelt's 
gold raid is intended to help them out of the pit they dug for themselves when 
they gambled away the wealth and savings of the American people. 


"The International Bankers set up a dictatorship here because they wanted a 
dictator who would protect them. They wanted a dictator who would protect 
them. They wanted a dictator who would issue a proclamation giving the Fed 
an absolute and unconditional release from their special currency in gold, or 
lawful money of any Fed Bank. 

"Has Roosevelt relieved any other class of debtors in this country from the 
necessity of paying their debts? Has he made a proclamation telling the 

farmers that they need not pay their mortgages? Has he made a proclamation 
to the effect that mothers of starving children need not pay their milk bills? 
Has he made a proclamation relieving householders from the necessity of 
paying rent? 

Roosevelt's Two Kinds of Laws 

"Not he! He has issued one kind of proclamation only, and that is a 
proclamation to relieve international bankers and the foreign debtors of the 
United States Government. 

"Mr. Chairman, the gold in the banks of this country belongs to the American 
people who have paper money contracts for it in the form of national 
currency. If the Fed cannot keep their contracts with United States citizens to 
redeem their paper money in gold, or lawful money, then the Fed must be 
taken over by the United States Government and their officers must be put on 

"There must be a day of reckoning. If the Fed have looted the Treasury so that 
the Treasury cannot redeem the United States currency for which it is liable in 
gold, then the Fed must be driven out of the Treasury. 

"Mr. Chairman, a gold certificate is a warehouse receipt for gold in the 
Treasury, and the man who has a gold certificate is the actual owner of a 
corresponding amount of gold stacked in the Treasury subject to his order. 

"Now comes Roosevelt who seeks to render the money of the United States 
worthless by unlawfully declaring that it may No Longer be converted into 
gold at the will of the holder. 

"Roosevelt's next haul for the International Bankers was the reduction in the 
pay of all Federal employees. 

"Next in order are the veterans of all wars, many of whom are aged and 
inform, and other sick and disabled. These men had their lives adjusted for 
them by acts of Congress determining the amounts of the pensions, and, while 
it is meant that every citizen should sacrifice himself for the good of the 
United States, I see no reason why those poor people, these aged Civil War 
Veterans and war widows and half-starved veterans of the World War, should 
be compelled to give up their pensions for the financial benefit of the 
International vultures who have looted the Treasury, bankrupted the country 
and traitorously delivered the United States to a foreign foe. 

"There are many ways of raising revenue that are better than that barbaric act 
of injustice. 

"Why not collect from the Fed the amount they owe the U.S. Treasury in 
interest on all the Fed currency they have taken from the Government? That 
would put billions of dollars into the U.S. Treasury. 

"If FDR is as honest as he pretends to be, he will have that done immediately. 
And in addition, why not compel the Fed to disclose their profits and to pay 
the Government its share? 

"Until this is done, it is rank dishonesty to talk of maintaining the credit of the 
U.S. Government. "My own salary as a member of Congress has been 
reduced, and while I am willing to give my part of it that has been taken away 
from me to the U.S. Government, I regret that the U.S. has suffered itself to be 
brought so low by the vultures and crooks who are operating the roulette 
wheels and faro tables in the Fed, that is now obliged to throw itself on the 
mercy of its legislators and charwomen, its clerks, and it poor pensioners and 
to take money out of our pockets to make good the defalcations of the 
International Bankers who were placed in control of the Treasury and given 
the monopoly of U.S. Currency by the misbegotten Fed. "I am well aware that 
the International Bankers who drive up to the door of the United States 
Treasury in their limousines, look down with scorn upon members of 
Congress because we work for so little, while they draw millions a year. The 
difference is that we earn, or try to earn, what we get- and they steal the 
greater part of their takings. 

Enemies of the People They Rob 

"I do not like to see vivisections performed on human beings. I do not like to 
see the American people used for experimental purposes by the credit masters 
of the United States. They predicted among themselves that they would be 
able to produce a condition here in which American citizens would be 
completely humbled and left starving and penniless in the streets. 

"The fact that they made that assertion while they were fomenting their 
conspiracy against the United States that they like to see a human being, 
especially an American, stumbling from hunger when he walks. "Something 
should be done about it, they say. Five-cent meals, or something! "But FDR 
will not permit the House of Representatives to investigate the condition of 
the Fed. FDR will not do that. He has certain International Bankers to serve. 
They not look to him as the man Higher Up who will protect them from the 
just wrath of an outraged people. 

"The International Bankers have always hated our pensioners. A man with a 
small pension is a ward of the Government. He is not dependent upon them 
for a salary or wages. They cannot control him. They do not like him. It gave 
them great pleasure, therefore, to slash the veterans. 

"But FDR will never do anything to embarrass his financial supporters. He 
will cover up the crimes of the Fed. 

"Before he was elected, Mr. Roosevelt advocated a return to the earlier 
practices of the Fed, thus admitting its corruptness. The Democratic platform 
advocated a change in the personnel of the Fed. These were campaign bait. As 
a prominent Democrat lately remarked to me; "There is no new deal. The 
same old crowd is in control." 

"The claims of foreign creditors of the Fed have no validity in law. The 
foreign creditors were the receivers- and the willing receivers- of stolen 
goods! They have received through their banking fences immense amounts of 
currency, and that currency was unlawfully taken from the United States 
Treasury by the Fed. 

"England discovered the irregularities of the Fed quite early in its operations 
and through fear, apparently, the Fed have for years suffered themselves to be 
blackmailed and dragooning England to share in the business of the Fed. "The 
Fed have unlawfully taken many millions of dollars of the public credit of the 
United States and have given it to foreign sellers on the security of the Debt 
paper of foreign buyers in purely foreign transactions, and when the foreign 
buyers refused to meet their obligations and the Fed saw no honest way of 
getting the stolen goods back into their possession, they decided by control of 
the executive to make the American people pay their losses! 

Conspiracy of War Debts 

"They likewise entered into a conspiracy to deprive the people of the U.S. of 
their title to the war debts and not being able to do that in the way they 
intended, they are now engaged in an effort to debase the American dollar so 
that foreign governments will have their debts to this country cut in two, and 
then by means of other vicious underhanded arrangements, they propose to 
remit the remainder. 

"So far as the U.S. is concerned, the gambling counters have no legal 
standing. The U.S. Treasury cannot be compelled to make good the gambling 
ventures of the corrupt and dishonest Fed. Still less should the bank deposits 
of the U.S. be used for that purpose. Still less should the national currency 
have been made irredeemable in gold so that the gold which was massed and 
stored to redeem the currency for American citizens may be used to pay the 
gambling debts of the Fed for England's benefit. "The American people 
should have their gold in their own possession where it cannot be held under 
secret agreement for any foreign control bank, or world bank, or foreign 
nation. Our own citizens have the prior claim to it. The paper [money men] 
have in their possession deserves redemption far more than U.S. currency and 
credit which was stolen from the U.S. Treasury and bootlegged abroad. 

"Why should the foreigners be made preferred creditors of the bankrupt U.S.? 
Why should the U.S. be treated as bankrupt at all? This Government has 
immense sums due it from the Fed. The directors of these institutions are men 
of great wealth. Why should the guilty escape the consequences of their 
misdeeds? Why should the people of these U.S. surrender the value of their 
gold bank deposits to pay off the gambling debts of these bankers? Why 
should Roosevelt promise foreigners that the U.S. will play the part of a good 
neighbor, 'meeting its obligations'? 

"Let the Fed meet their own obligations. 

"Every member of the Fed should be compelled to disgorge, and every 
acceptance banker and every discount corporation which has made illegal 
profits by means of public credit unlawfully bootlegged out of the U.S. 
Treasury and hired out by the crooks and vultures of the Fed should be 
compelled to disgorge. 

Federal Reserve Pays No Taxes 

"Gambling debts due to foreign receivers of stolen goods should not be paid 
by sacrificing our title to our war debts, the assets of the U.S. Treasury- which 
belong to all the people of the U.S. and which it is our duty to preserve 
inviolate in the people's treasury. 

"The U.S. Treasury cannot be made liable for them. The Fed currency must be 
redeemed by the Fed banks or else these Fed banks must be liquidated. 

"We know from assertions made here by the Hon. John N. Garner, Vice- 
President of the U.S. that there is a condition in the [United States such] 
would cause American citizens, if they knew what it was, to lose all 
confidence in their government. 

"That is a condition that Roosevelt will not have investigated. He has brought 
with him from Wall Street, James Warburg, the son of Paul M. Warburg. Mr. 
Warburg, alien born, and the son of an alien who did not become naturalized 
here until several years after this Warburg's birth, is a son of a former partner 
of Kuhn, Loeb and Co., a grandson of another partner, a nephew of a former 
partner, and a nephew of a present partner. 

"He holds no office in our Government, but I am told that he is in daily 
attendance at the Treasury, and that he has private quarters there! In other 
words, Mr. Chairman, Kuhn, Loeb and Company now has control and occupy 
the U.S. Treasury. 

Preferred Treatment for Foreigners 

"The text of the Executive order which seems to place an embargo on 
shipments of gold permits the Secretary of the Treasury, a former director of 
the corrupt, to issue licenses at his discretion for the export of gold coin, or 
bullion, earmarked or held in trust for a recognized foreign government or 
foreign central bank for international settlement. Now, Mr. Chairman, if gold 
held in trust for those foreign institutions may be sent to them, I see no reason 
why gold held in trust for American as evidenced by their gold certificates and 
other currency issued by the U.S. Government should not be paid to them. "I 
think that American citizens should be entitled to treatment at least as good as 
that which the person is extending to foreign governments, foreign central 
banks, and the bank of International Settlements. I think a veteran of the world 
war, with a $20.00 gold certificate, is at least as much entitled to receive his 
own gold for it, as any international banker in the city of New York or 

"By the terms of this executive order, gold may be exported if it is actually 
required, for the fulfillment of any contract entered into prior to the date of 
this order by an applicant who, in obedience to the executive order of April 5, 
1933, has delivered gold coin, gold bullion, or gold certificates. "This means 
that gold may be exported to pay the obligations abroad of the Fed which were 
incurred prior to the date of the order, namely, April 20, 1933. 

"If a European Bank should send 100,000,000 dollars in Fed currency to a 
bank in this country for redemption, that bank could easily ship gold to 
Europe in exchange for that currency. Such Fed currency would represent 
"contracts" entered into prior to the date of the order. If the Bank of 
International Settlements or any other foreign bank holding any of the present 
gambling debt paper of the Fed should draw a draft for the settlement of such 
obligation, gold would be shopped to them because the debt contract would 
have been entered into prior to the date of order. 

Crimes and Criminals 

"Mr. Speaker, I rise to a question of constitutional privilege. 

"Whereas, I charge. . Eugene Meyer, Roy A. Young, Edmund Piatt, Eugene 
B. Black, Adolph Casper Miller, Charles S. Hamlin, George R. James, 
Andrew W. Mellon, Ogden L. Mills, William H. Woo W. Poole, J.F.T. 
O'Connor, members of the Federal Reserve Board; F. H. Curtis, J.H. Chane, 
R.L. Austin, George De Camp, L.B. Williams, W.W. Hoxton, Oscar Newton, 
E.M. Stevens, J.S. Wood, J.N. Payton, M.L. McClure, C.C. Walsh, Isaac B. 
Newton, Federal Reserve Agents, jointly and severally, with violations of the 
Constitution and laws of the United States, and whereas I charge them with 
having taken funds from the U.S Treasury which were not appropriated by 
the Congress of the United States, and I charge them with having unlawfully 

taken over $80,000,000,000 from the U.S. Government in the year 1928, the 
said unlawful taking consisting of the unlawful creation of claims against the 
U.S. Treasury to the extent of over $80,000,000,000 in the year 1928; and I 
charge them with similar thefts committed in 1929, 1930, 1931, 1932 and 
1933, and in years previous to 1928, amounting to billions of dollars; and 

"Whereas I charge them, jointly and severally with having unlawfully created 
claims against the U.S. Treasury by unlawfully placing U.S. Government 
credit in specific amounts to the credit of foreign governments and foreign 
central banks of issue; private interests and commercial and private banks of 
the U.S. and foreign countries, and branches of foreign banks doing business 
in the U.S., to the extent of billions of dollars; and with having made unlawful 
contracts in the name of the U.S. Government and the U.S. Treasury; and with 
having made false entries on books of account; and 

"Whereas I charge them jointly and severally, with having taken Fed Notes 
from the U.S. Treasury and with having put Fed Notes into circulation without 
obeying the mandatory provision of the Fed Act which requires the Fed Board 
to fix an interest rate on all issues of Fed Notes supplied to Fed Banks, the 
interest resulting therefrom to be paid by the Fed Banks to the government of 
the U.S. for the use of the Fed Notes, and I charge them of having defrauded 
the U.S. Government and the people of the U.S. of billions of dollars by the 
commission of this crime, and 

"Whereas I charge them, jointly and severally, with having purchased U.S. 
Government securities with U.S. Government credit unlawfully taken and 
with having sold the said U.S. Government securities back to the people of the 
U.S. for gold or gold values and with having again purchased U.S. 
Government securities with U.S. Government credit unlawfully taken and 
with having again sold the said U.S. Government security for gold or gold 
values, and I charge them with having defrauded the U.S. Government and the 
people of the U.S. by this rotary process; and 

"Whereas I charge them, jointly and severally, with having unlawfully 
negotiated U.S. Government securities, upon which the Government liability 
was extinguished, as collateral security for Fed Notes and with having 
substituted such securities for gold which was being held as collateral security 
for Fed Notes, and with having by the process defrauded the U.S. Government 
and the people of the U.S., and I charge them with the theft of all the gold and 
currency they obtained by this process; and 

"Whereas I charge them, jointly and severally, with having unlawfully issued 
Fed currency on false, worthless and fictitious acceptances and other 
circulating evidence of debt, and with having made unlawful advances of Fed 
currency, and with having unlawfully permitted renewals of acceptances and 
renewals of other circulating evidences of debt, and with having permitted 

acceptance bankers and discount dealer corporations and other private bankers 
to violate the banking laws of the U.S.; and 

"Whereas I charge them, jointly and severally, with having conspired to have 
evidences of debt to the extent of $1,000,000,000 artificially created at the end 
of February, 1933, and early in March 1933, and with having made unlawful 
issues and advances of Fed currency on the security of said artificially created 
evidences of debt for a sinister purpose, and with having assisted in the 
execution of said sinister purpose; and 

"Whereas I charge them, jointly and severally, with having brought about the 
repudiation of the currency obligations of the Fed Banks to the people of the 
U.S. and with having conspired to obtain a release for the Fed Board and the 
Fed Banks from their contractual liability to redeem all Fed currency in gold 
or lawful money at the Fed Bank and with having defrauded the holders of 
Fed currency, and with having conspired to have the debts and losses of the 
Fed Board and the Fed Banks unlawfully transferred to the Government and 
the people of the U.S., and 

"Whereas I charge them, jointly and severally, with having unlawfully 
substituted Fed currency and other irredeemable paper currency for gold in the 
hands of the people after the decision to repudiate the Fed currency and the 
national currency was made known to them, and with thus having obtained 
money under false pretenses; and 

"Whereas I charge them, jointly and severally, with having brought about a 
repudiation of the notes of the U.S. in order that the gold value of the said 
currency might be given to private interests, foreign governments, foreign 
central banks of issues, and the Bank of International Settlements, and the 
people of the U.S. to be left without gold or lawful money and with no 
currency other that a paper currency irredeemable in gold, and I charge them 
with having done this for the benefit of private interests, foreign governments, 
foreign central banks of issue, and the bank of International Settlements; and 

"Whereas I charge them, jointly and severally, with conniving with the Edge 
Law banks, and other Edge Law institutions, accepting banks, and discount 
corporations, foreign central banks of issue, foreign commercial banks, 
foreign corporations, and foreign individuals with funds unlawfully taken 
from the U.S. Treasury; and I charge them with having unlawfully permitted 
and made possible 'new financing' for foreigners at the expense of the U.S. 
Treasury to the extent of billions of dollars and with having unlawfully 
permitted and made possible the bringing into the United States of immense 
quantities of foreign securities, created in foreign countries for export to the 
U.S. and with having unlawfully permitted the said foreign securities to be 
imported into the U.S. instead of gold, which was lawfully due to the U.S. on 

trade balances and otherwise, and with having lawfully permitted and 
facilitated the sale of the said foreign securities in the U.S., and 

"Whereas I charge them, jointly and severally, with having unlawfully 
exported U.S. coins and currency for a sinister purpose, and with having 
deprived the people of the U.S. of their lawful medium of exchange, and I 
charge them with having arbitrarily and unlawfully reduced the amount of 
money and currency in circulation in the U.S. to the lowest rate per capita in 
the history of the Government, so that the great mass of the people have been 
left without a sufficient medium of exchange, and I charge them with 
concealment and evasion in refusing to make known the amount of U.S. 
money in coins and paper currency exported and the amount remaining in the 
U.S. as a result of which refusal the Congress of the U.S. is unable to ascertain 
where the U.S. coins and issues of currency are at the present time, and what 
amount of U.S. currency is now held abroad; and 

"Whereas I charge them, jointly and severally, with having arbitrarily and 
unlawfully raised and lowered the rates of money and with having arbitrarily 
increased and diminished the volume of currency in circulation for the benefit 
of private interests at the expense of the Government and the people of the 
U.S. and with having unlawfully manipulated money rates, wages, salaries 
and property values both real and personal, in the U.S. by unlawful operations 
in the open discount market and by resale and repurchase agreements 
unsanctioned by law, and 

"Whereas I charge them jointly and severally, with having brought about the 
decline in prices on the New York Stock Exchange and other exchanges in 
October, 1929, by unlawful manipulation of money rates and the volume of 
U.S. money and currency in circulation: by theft of funds from the U.S. 
Treasury by gambling in acceptances and U.S. Government securities; by 
service rendered to foreign and domestic speculators and politicians, and by 
unlawful sale of U.S. gold reserves abroad, and 

"Whereas the unconstitutional inflation law imbedded in the so-called Farm 
Relief Act by which the Fed Banks are given permission to buy U.S. 
Government securities to the extent of $3,000,000,000 and to drew forth 
currency from the people's Treasury to the extent of $3,000,000,000 is likely 
to result in connivance on the part of said accused with others in the purchase 
by the Fed of the U.S. Government securities to the extent of $3,000,000,000 
with U.S. Government's own credit unlawfully taken, it being obvious that the 
Fed do no not intend to pay anything of value to the U.S. Government for the 
said U.S. Government securities no provision for payment in gold or lawful 
money appearing in the so-called Farm Relief bill- and the U.S. Government 
will thus be placed in a position of conferring a gift of $3,000,000,000 in the 
U.S. Government securities on the Fed to enable them to pay more on their 
bad debts to foreign governments, foreign central banks of issue, private 

interests, and private and commercial banks, both foreign and domestic, and 
the Bank of International Settlements, and 

"Whereas the U.S. Government will thus go into debt to the extent of 
$3,000,000,000 and will then have an additional claim of $3,000,000,000 in 
currency unlawfully created against it and whereas no private interest should 
be permitted to buy U.S. Government securities with the Government's own 
credit unlawfully taken and whereas currency should not be issued for the 
benefit of said private interest or any interests on U.S. Government securities 
so acquired, and whereas it has been publicly stated and not denied that the 
inflation amendment of the Farm Relief Act is the matter of benefit which was 
secured by Ramsey MacDonald, the Prime Minister of Great Britain, upon the 
occasion of his latest visit to the U.S. Treasury, and whereas there is grave 
danger that the accused will employ the provision creating U.S. Government 
securities to the extent of $3,000,000,000 and three millions in currency to be 
issuable thereupon for the benefit of themselves and their foreign principals, 
and that they will convert the currency so obtained to the uses of Great Britain 
by secret arrangements with the Bank of England of which they are the agents, 
and for which they maintain an account and perform services at the expense of 
the U.S. Treasury, and that they will likewise confer benefits upon the Bank of 
International Settlements for which they maintain an account and perform 
services at the expense of the U.S. Treasury; and 

"Whereas I charge them, jointly and severally, with having concealed the 
insolvency of the Fed and with having failed to report the insolvency of the 
Fed to the Congress and with having conspired to have the said insolvent 
institutions continue in operation, and with having permitted the said insolvent 
institutions to receive U.S. Government funds and other deposits, and with 
having permitted them to exercise control over the gold reserves of the U.S. 
and with having permitted them to transfer upward of $100,000,000,000 of 
their debts and losses to the general public and the Government of the U.S., 
and with having permitted foreign debts of the Fed to be paid with the 
property, the savings, the wages, and the salaries of the people of the U.S. and 
with the farms and the homes of the American people, and whereas I charge 
them with forcing the bad debts of the Fed upon the general public covertly 
and dishonestly and and with taking the general wealth and savings of the 
people of the U.S. under false pretenses, to pay the debts of the Fed to 
foreigners; and 

"Whereas I charge them, jointly and severally, with violations of the Fed Act 
and other laws; with maladministration of the h evasions of the Fed Law and 
other laws; and with having unlawfully failed to report violations of law on 
the part of the Fed Banks which, if known, would have caused the Fed Banks 
to lose their charters, and 

"Whereas I charge them, jointly and severally, with failure to protect and 
maintain the gold reserves and the gold stock and gold coinage of the U.S. and 
with having sold the gold reserves of the U.S to foreign Governments, foreign 
central banks of issue, foreign commercial and private banks, and other 
foreign institutions and individuals at a profit to themselves, and I charge 
them with having sold gold reserves of the U.S. so that between 1924 and 
1928 the U.S. gained no gold on net account but suffered a decline in its 
percentage of central gold reserves from the 45.9 percent in 1924 to 37.5 
percent in 1928 notwithstanding the fact that the U.S. had a favorable balance 
of trade throughout that period, and 

"Whereas I charge them, jointly and severally, with having conspired to 
concentrate U.S. Government securities and thus the national debt of the U.S. 
in the hands of foreigners and international money lenders and with having 
conspired to transfer to foreigners and international money lenders title to and 
control of the financial resources of the U.S.; and 

"Whereas I charge them, jointly and severally, with having fictitiously paid 
installments on the national debt with Government credit unlawfully taken; 

"Whereas I charge them, jointly and severally, with the loss of the U.S. 
Government funds entrusted to their care; and 

"Whereas I charge them, jointly and severally, with having destroyed 
independent banks in the U.S. and with having thereby caused losses 
amounting to billions of dollars to the said banks, and to the general public of 
the U.S., and 

"Whereas I charge them, jointly and severally, with the failure to furnish true 
reports of the business operations and the true conditions of the Fed to the 
Congress and the people, and having furnished false and misleading reports to 
the congress of the U.S., and 

"Whereas I charge them, jointly and severally, with having published false 
and misleading propaganda intended to deceive the American people and to 
cause the U.S. to lose its independence; and 

"Whereas I charge them, jointly and severally, with unlawfully allowing Great 
Britain to share in the profits of the Fed at the expense of the Government and 
the people of the U.S.; and 

"Whereas I charge them, jointly and severally, with having entered into secret 
agreements and illegal transactions with Montague Norman, Governor of the 
Bank of England; and 

"Whereas I charge them, jointly and severally, with swindling the U.S. 
Treasury and the people of the U.S. in pretending to have received payment 
from Great Britain of the amount due on the British ware debt to the U.S. in 
December, 1932; and 

"Whereas I charge them, jointly and severally, with having conspired with 
their foreign principals and others to defraud the U.S. Government and to 
prevent the people of the U.S. from receiving payment of the war debts due to 
the U.S. from foreign nations; and 

"Whereas I charge them, jointly and severally, with having robbed the U.S 
Government and the people of the U.S. by their theft and sale of the gold 
reserves of the U.S. and other unlawful transactions created a deficit in the 
U.S. Treasury, which has necessitated to a large extent the destruction of our 
national defense and the reduction of the U.S. Army and the U.S. Navy and 
other branches of the national defense; and 

"Whereas I charge them, jointly and severally, of having reduced the U.S. 
from a first class power to one that is dependent, and with having reduced the 
U.S. from a rich and powerful nation to one that is internationally poor; and 

"Whereas I charge them, jointly and severally, with the crime of having 
treasonable conspired and acted against the peace and security of the U.S. and 
with having treasonable conspired to destroy constitutional Government in the 

"Resolve, That the Committee on the Judiciary is authorized and directed as a 
whole or by subcommittee, to investigate the official conduct of the Fed 
agents to determine whether, in the opinion of the said committee, they have 
been guilty of any high crime or misdemeanor which in the contemplation the 
Constitution requires the interposition of the Constitutional powers of the 
House. Such Committee shall report its finding to the House, together with 
such resolution or resolutions of impeachment or other recommendations as it 
deems proper. 

"For the purpose of this resolution the Committee is authorized to sit and act 
during the present Congress at such times and places in the District of 
Columbia or elsewhere, whether or not the House is sitting, has recessed or 
has adjourned, to hold such clerical, stenographic, and other assistants, to 
require of such witnesses and the production of such books, papers, and 
documents, to take such testimony, to have such printing and binding done, 
and to make such expenditures as it deems necessary." 

After some discussion and upon the motion of Mr. Byrns, the resolution and 
charge was referred to the Committee on the Judiciary. 

"Attacks on McFadden's Life Reported" 

Commenting on Former Congressman Louis T. McFaddens's "heart-failure 
sudden-death" on Oct. 3, 1936, after a "dose" of "intestinal flu," "Pelley's 
Weekly" of Oct. 14 said: 

Now that this sterling American patriot has made the 
Passing, it can be revealed that not long after his 
public utterance against the encroaching powers of 
Judah, it became known among his intimates that he 
had suffered two attacks against his life. The first 
attack came in the form of two revolver shots fired 
at him from ambush as he was alighting from a cab in 
front of one of the Capital hotels. Fortunately both 
shots missed him, the bullets burying themselves in 
the structure of the cab. 

"He became violently ill after partaking of food at 
a political banquet at Washington. His life was only 
saved from what was subsequently announced as a 
poisoning by the presence of a physician friend at 
the banquet, who at once procured a stomach pump and 
subjected the Congressman to emergency treatment." 

/s/ Robert Edward Edmondson (Publicist-Economist) 

President Andrew Jackson stated in reference to the bankers at the state of his 

"You are a den of vipers and thieves. I intend to rout you out, and by the 
Eternal God, I will rout you out. " 

Congressional Record: January 8, 1934: 

Congressman McFadden: "The Congress of the United States must immediately 
throw the searchlight of investigation into this dark corner, or we are going to be 
swamped with political influences that are manufactured in foreign countries and 
that will lead us to the surrender of our heritage of living, just as has been done on 
former occasions. 

Just as we did, for example, when we entered into the Jay Treaty with England, 
which was ratified on June 24, 1795, whereby we needlessly surrendered our right 
to the freedom of the seas. 

We fought the War of 1812 to regain this right, but the same political influences 
prevented even a discussion of this subject at the treaty which terminated that war. 
President Wilson vowed to regain the freedom of the seas at the Treaty of 
Versailles; but did we regain it? Is the Jay Treaty still in force?...." 

"I stand here and say to you that I have studied these records, and not only did 
we adopt this monetary policy without debate, not only did we adopt it without 
consideration but we adopted it without even knowledge of what we were doing! 

It was a piece of legislative trickery; it was a piece of work in the committee 
that was silent and secretive. Even members of the committee did not know what 
was being done, according to their own declarations. The President and Members 
of the House did not know they were acting on such a measure. But, as I have said 
before, the shadow of the hand of England rests over this enactment." (C R, January 
8, 1934) 

Congressional Record: January 8, 1934 

Congressman Fiesinger: "You will recall the gentleman spoke about Professor 
Sprague, who was in the Treasury Department as adviser to the Treasury after he 
came as adviser for the Bank of England. He was also monetary adviser to the 
Economic Conference in London." 

Congressman Fiesinger: "I was just going to remark that very thing, that the power 
to "coin and fix the value of money" is solely within the power of the Congress of 
the United States and it cannot be delegated to anybody else in the world." 

Congressman McFadden: "Will the gentleman yield further?" 

Congressman Fiesinger: " I do." 

Congressman McFadden: "What does the gentleman say in regard to the 
delegation of that power to the Federal Reserve System?" 

Congressman Fiesinger: "I say it is illegal. I say it is unconstitutional, as far as it 
affects the value of basic money. Power to control credits may be in a different 

Congressman McFadden: "The gentleman recognizes that that was done, does he 

Congressman Fiesinger: "Well, I think I recognize that fact; but it may be that 
Congress intended to delegate banking and credit control and not the control of the 
basic money values." 

Congressman McFadden: " The Federal Reserve System has the power to issue 
Federal Reserve notes, which circulate as money?" 

Congressman Fiesinger: "It has. Of course, they are promises to pay. They are 
credits or IOU's of the bank." 

Congressman McFadden: "And that power was delegated by Congress in the 
Federal Reserve Act." 

Congressman Fiesinger: "Yes, sir; with the intent to regulate the volume of 

Congressman McFadden: "And is being pursued by them, which gives the Federal 
Reserve System control over the money and credit in the United States.".... 

Congressman Mott: "What does the gentleman say about the delegation by 
Congress to the President to fix the value of money, under the farm bill?" 

Congressman Fiesinger: "I think it was illegal, and the President did not want it. 
It was forced upon him. He never asked to have the amendment attached to the 
farm bill. It was forced upon him, and he is exercising the power because he was 
forced to exercise it; a power that he never wanted, and I say it is all illegal and 

Congressman McFadden: "If the gentleman has been familiar with the activities 
of Dr. Sprague over the history of the Federal Reserve System, he well knows that 
Dr. Sprague has been in all of the conferences, practically, between the Bank of 
England, officers of the Federal Reserve bank in New York and other central banks, 
which have had for their purpose the dealing with national and international price 
levels. That was one of the functions that he was exercising as expert adviser of the 
Bank of England." 

Congressman Fiesinger: " Now, I understand that Dr. Sprague at the London 
conference was willing to peg the dollar to the British pound at $3.50, and, if he had 
done that, the price levels in America would have been in the control of the Bank of 
England, and it would have been so low it would have wrecked our national 
economy. " 

Congressman Lamneck: "Will the gentleman please insert at this point what Dr. 
Sprague said about who should control the price level?" 

Congressman Fiesinger: "I may say-I did not expect to answer that question, but 
Dr. Sprague, in a conference he had, stated he believed that the value of gold should 
be controlled by the British, because they were more competent, from banking 
experience, so to do." (CR, 1-8- 1934) 

Congressional Record, January 20, 1934 

Congressman McFadden: " I am quoting from the President's message to 
Congress on this very measure. I quote: 

"That the title of all gold be in the Government. The total stock will serve 
as a permanent and fixed metallic reserve which will change in amount only as 
far as necessary for the settlement of international balances or as may be 
required by future agreement among nations of the world for a redistribution 
of the world stock of monetary gold." 

Congressman McFadden: "I say again what I have repeatedly said, that there is a 
definite plan for the redistribution of the gold of this country and of the world's 
gold. The plan has been known ever since the establishment of the Bank for 
International Settlements that through that medium, or one similar to it, eventually 
the redistribution of gold would take place." CR, 1-20-1934) 

Congressional Record: January 30, 1934 

Congressman McFadden: "The gentleman, of course, is aware of the fact that the 
Council of the Federation of Churches of Christ is an offshoot of the Carnegie 
Foundation which is operating in this country as a British-propaganda 
organization , tied up with all of the other subversive organizations which are trying 
to hold down proper preparedness in the United States. [Applause] (CR, 1-30-1934 

Congressional Record: February 20, 1934 

Congressman McFadden: "Why should the United States be buying gold and 
paying $35 an ounce for it? Why Should the United States be making Great Britain 
a present of $14.33 an ounce on the hundreds of millions of dollars of British gold 
that is being shipped to the United States through this process be favoring four 
London gold brokers? 

Why should the United States set a price of $35 and pay Great Britain an 
increase of $14.33 on every ounce of gold? This is interesting when you consider 
that three fourths of all the gold produced in the world is produced in the British 
Empire. Did we do this because Great Britain demanded it? Is it possible that this 
$14.33 profit to Great Britain on every ounce of gold shipped into the United States 
is for settlement of a debt that the United States owes to Great Britain? (CR 2-20- 

Congressional Record: March 3, 1934 

Congressman Weideman: "So the paramount issue of today is this: Shall the 
Government of the United States be run for the benefit of the international 
bankers or shall the citizens of the United States be given the right to 'life, 
liberty, and the pursuit of happiness 1 ? Shall we replace the Statue of Liberty 
with the golden statue erected to the god of greed? Shall we forget that the only 
time our Saviour used force was when he drove the money changers from the 
temple? Let us reestablish the principle that we all believe in: That all men are 
entitled to a right to work, to own their own homes, to reap a just reward for their 
labors, and to enjoy nature's sunshine as God intended. We owe it to our children 
that we shall not depart and leave them in a condition of bondage and slavery to 
organized greed and gold." 

Congressman Lemke: "....This nation is bankrupt; every State in this Union is 
bankrupt; the people of the United States, as a whole, are bankrupt. 

The public and private debts of this Nation, which are evidenced by bonds, 
mortgages, notes, or other written instruments amount to about $250,000,000,000, 

and it is estimated that there is about $50,000,000,000 of which there is no record, 

making in all about $300,000,000,000 of public and private debts. 

The total physical cash value of all the property in the United States is now 
estimated at about $70,000,000,000. That is more than it would bring if sold at 
public auction. In this we do not include debts or the evidence of debts, such as 
bonds, mortgages, and so forth. These are not physical property. They will have to 
be paid out of the physical property. 

How are we going to pay $300,000,000,000 with only $70,000,000,000?" (CR, 

Congressional Record, March 13, 1934 

Congressman McFadden: "In view of what the gentleman has just said, recall that 
Theodore Roosevelt, the year that he passed on, made a statement to the effect that 
Felix Frankfurter is the most dangerous man in the United States to our form of 
government." (CR, 3-13-1934) 

Congressional Record, March 15, 1934 

Congressman McFadden: "It is right in line with the plan which is now being 
worked out in England. I want to point out to the House that there is a concerted 
movement not only in England but in the United States. In the United States this 
movement is in charge of certain men now engaged in writing legislation in 
Department of Agriculture. I refer to Mr. Tugwell . Mr. Mordecai Ezekiel, and Mr. 
Frank, and their immediate associates, some of whom are in other departments and 
some of whom are outside; and I may even go so far as to say that they are aided 
and abetted in this matter apparently by the Secretary of Agriculture. 

Their action in this matter is also assisted and aided through the agency of the 
Foreign Policy Association of the United States, which is directly connected with 
the Fabian Society, or a branch of it, in England, which at the present time is 
attempting to take over the control of agriculture and its operation in England, as 
well as the industries therein located. I call your especial attention to the recent 
article, America Must Choose, by Secretary of Agriculture Wallace, a syndicated 
article put out under the auspices of the Foreign Policy Association of New York 
and copyrighted by them. This article is quite in keeping with the plan of the 
British offspring of the Fabian group. 

One of the stalwarts against the move in England is Stanley Baldwin. Mr. 
Baldwin issued a statement which was printed in the United States recently. It was 

a statement made over the radio, and, if I have time, I will read it to you, because he 
is standing today against the movement in England that I am speaking against now, 
and that movement is evidenced by this legislation and any other kind of legislation 
following, which have for their purpose the regimenting of all production in the 
United States, leading up to an absolute dictatorship. 

The quotation I refer to from Mr. Baldwin is as follows: 

"Our freedom did not drop down like manna from heaven. It has been fought for 
from the beginning of our history and the blood of men has been shed to obtain it. 
It is the result of centuries of resistance to the power of the executive and it has 
brought us equal justice, trial by jury, freedom of worship, and freedom of religious 
and political opinion. Democracy is far the most difficult form of government 
because it requires for perfect functioning the participation of everybody. 

"Democracy wants constant guarding, and for us to turn to a dictatorship would be 
an act of consummate cowardice, of surrender, of confession that our strength and 
courage alike had gone. It is quite true the wheels of our state coach may be 
creaking in heavy ground, but are you sure the wheels of the coach are not creaking 
in Moscow, Berlin, and Vienna, and even in the United States? 

"The whole tendency of a dictatorship is to squeeze out the competent and 
independent man and create a hierarchy accustomed to obeying. Chaos often 
results when the original dictator goes. The rise of communism or fascism-both 
alike believe in force as a means of establishing their dictatorship — would kill 
everything that had been grown by our people for the last 800 or 1,000 years." 

The plan in England to which I am referring is the "political economic plan", 
drawn up by Israel Moses Sief, the director of a chain-store enterprise in England 
called Marks & Spencer. This enterprise declared a dividend of 40 percent for 1933, 
and was enabled to do so by the fact that it has until now handled almost 
exclusively all imports from Soviet Russia, which has enabled this house to 
undersell competitors 

The political economic plan is in operation in the British Government by the 
means of a tariff advisory board. This organization has gathered all data and 
statistics obtained by governmental and private organization in administrative, 
industrial, trade, social, educational, agricultural, and other circles. Air-force 
statistics are in their hands, as well as those of the law and medical professions, this 
organization or group have had access to all archives of the British Government, 
just as the 'brain trust 1 here in the United States have had access to archives of our 
Government departments. 

Through the tariff advisory board, which was created in February of 1933, and 
headed by Sir George May, the control of industry and trade is being firmly 
established in the British Empire. 

This tariff advisory board works in direct connection with the Treasury, and 
together with it devises the tariff policy. In this bill and the tariff bill which follows 
it is proposed to set up just such a board, under the direction of the President, as the 
tariff advisory board of England. The tariff board in England has been granted the 
powers of a law court and can exact under oath that all information concerning 
industry and trade be given it. 

Iron and steel, as also cotton and industrials, in England have been ordered by the 
tariff advisory board to prepare and submit plans for the reorganization of their 
industries and warned that should they fail to do so, a plan for complete 
reconstruction would be imposed upon them. May I suggest to you the similarity of 
this plan with the N.R.A., and also suggest to you that the tariff advisory board in 
England has been granted default powers and can, therefore, impose its plan. 

The tariff board is composed, in addition to Sir George May, of Sir Sidney 
Chapman, professor of economics and statistics, and Sir George Allen Powell, of 
the British Food Board and Food Council. And it is a well-known fact that this 
particular political economic group has close connection with the Foreign Policy 
Association in New York. I wish to quote from a letter from a correspondent of 
mine abroad, as follows: 

"It appears that the alleged 'brain trust' is supposed to greatly influence the 
present United States policy. Neither you nor I are particularly interested in what 
takes place in England, but what should interest us both, it seems to me, is that there 
is a strong possibility that certain members of the 'brain trust' around our President 
are undoubtedly in touch with this British organization and possibly are working to 
introduce a similar plan in the United States. 

"I understand the brain trust' is largely composed of Professor Frankfurter, 
Professor Moley, Professor Tugwell, Adolph Berle, William C. Bullitt and the 
mysterious Mordecai Ezekiel. 

"I think there is no doubt that these men all belong to this particular organization 
with distinct Bolshevik tendencies. So it is quite possible that should this political 
economic plan be developed in the United States, if this alleged 'brain trust' has 
really a serious influence over the judgment of our President, this plan may be 
attempted in our country." 

Need I point out to you, who have been observing the activities of the so-called 
'brain trust' in the writing and sending to the Congress of legislation, that this 
legislation has for its purpose the virtual setting up in the United States of a plan 
similar to that which is being worked out in England. I am assured by serious 
people who are in a position to know that this organization practically controls the 
British Government, and it is the opinion of those who do know that this highly 
organized and well-financed movement is intended to practically Sovietize the 
English-speaking race. I wish to quote again from my correspondent, as follows: 

Some two months ago when Israel Moses Sieff, the present head of this 
organization, was urged to show more activity by the members of his committee, he 
said, "Let us go slowly for a while and wait until we see how our plan carries out in 
America." (CR, 3-15-1934} 

Congressional Record, April 9, 1934 

Congressman Patman: "...A Federal Reserve bank has a great privilege. It has 
the right to issue a blanket mortgage on all the property of all the people of this 
country. It is called a Federal Reserve note. 

For that privilege section 16 of the act provides that when the Government prints 
a Federal Reserve note and guarantees to pay that note and delivers it to a Federal 
Reserve bank, that Federal Reserve bank shall pay — it seems to be mandatory — the 
rate of interest that is set by the Federal Reserve Board. 

The law has never been put into effect. The Federal Reserve Board sets the zero 
rate. Instead of charging an interest rate which the law says they shall charge, they 
set no rate at all. Therefore, for the use of this great Government credit, these 
blanket mortgages that are issued against all the property of all the people of this 
Nation and against the incomes of all the people of this Nation, they do not pay one 

Not one penny of the stack of the Federal Reserve banks is owned by the 
Government or the people, but it is owned by private banks exclusively. They do 
not pay one penny for the use of that great privilege, to the people or to the 
Government. (CR, 4-9-1934) 

Congressional Record, June 14, 1934 Congressman 

McFadden: "I hope that is the case, but I may say to the gentleman that during the 
sessions of this Economic Conference in London there is another meeting taking 
place in London. We were advised by reports from London last Sunday of the 
arrival of George L. Harrison, Governor of the Federal Reserve Bank of New York, 
and we were advised that accompanying him was Mr. Crane, the Deputy Governor, 
and James P. Warburg, of the Kuhn- Loeb banking family, of New York and 
Hamburg, Germany, and also Mr. O. M. W. Sprague, recently in the pay of Great 
Britain as chief economic and financial adviser of Mr. Norman, Governor of the 
Bank Of England, and now supposed to represent our Treasury. 

These men landed in England and rushed to the Bank of England for private 
conference, taking their luggage with them, before even going to their hotel. We 
know this conference has been taking place for the past 3 days behind closed doors 

in the Bank of England with these gentlemen meeting with heads of the Bank of 
England and the Bank for International Settlements, of Basel, Switzerland, and the 
head of the Bank France, Mr. Maret. They are discussing war debts; they are 
discussing stabilization of exchanges and the Federal Reserve System, I may say to 
the Members of the House. 

The Federal reserve System, headed by George L. Harrison, is our premier, who 
is dealing with debts behind the closed doors of the Bank of England; and the 
United States Treasury is there, represented by O. M. W. Sprague, who until the last 
10 days was the representative of the Bank of England, and by Mr. James P. 
Warburg, who is the son of the principal author of the federal Reserve Act. Many 
things are being settled behind the closed doors of the Bank of England by this 

No doubt this group were pleased to hear that yesterday the Congress passed 
amendments to the Federal Reserve Act and that the President signed the bill which 
turns over to the Federal Reserve System the complete total financial resources of 
money and credit in the United States. Apparently the domination and control of the 
international banking group is being strengthened.... 

We are being led by the international Jews operating through Great Britain and 
the Bank of England, and it is the purpose of those who are directing and 
cooperating that debts be reduced to 10 percent or canceled entirely.... 

Then there is James P. Warburg, who was called in by the President and who has 
sat in on all of the conferences here in Washington participated in by the foreign 
representatives recently, and he is the financial adviser at the Economic Conference 
and at the conferences in the Bank of England to which I have referred. Mr. 
Warburg, you undoubtedly know, is the head of the international Jewish financial 
group who were largely responsible for the loaning abroad of the vast billions of 
dollars by the people of the United States and which loans are now frozen. 

We must not overlook the fact, however, that J. P. Morgan & Co. were close 
seconds in these transactions, and in connection with this I wish to point out that 
George L. Harrison, Governor of the Federal Reserve Bank of New York, is closely 
identified with the Morgan House in all of the undertakings internationally in which 
the Federal Reserve banks participated. (CR-6-14-1934) 

Congressional Record, June 14, 1934 

Congressman McFadden: "....Whereas the lobbying activities of the said British 
Ambassador, Sir Ronald lindsay, carried on in the halls of the Capitol, at the British 
Embassy, in the houses of citizens of the United States, in the offices of predatory 
international bankers, on shipboard, on the trains, and elsewhere, have for their 

purpose the taking from the United States Treasury of assets which it is the sworn 
duty of this Government to protect by every means within its power, not stopping 
short of war, if need be; and whereas the said Lindsay's lobbying activities likewise 
have for their purpose the defeat of measures enacted into law by the Government 
of the United States to insure the repayment of moneys advanced to Great Britain 
on her written promise to repay them; and whereas the lobbying activities of Sir 
Ronald Lindsay likewise have for their object the overthrow of the Government of 
the United States and its reorganization as a part of the British Empire:.... (CR, 6- 

Congressional Record: June 15, 1934 

Congressman McFadden: "At that time a man named Jacob Schiff came to this 
country as the agent of certain foreign money lenders. His mission was to get 
control of American railroads. This man was a Jew. He was the son of a rabbi. He 
was born in one of the Rothschilds's houses in Frankfort, Germany. He was a small 
fellow with a pleasant face and, if I remember correctly, his eyes were blue. At an 
early age he set out from Frankfort to seek his fortune and went to Hamburg, 
Germany. At Hamburg he entered the Warburg banking establishment. The 
Warburgs of Hamburg are bankers of long standing, with branches in Amsterdam 
and Sweden 

Sometime before Schiff s arrival there was a firm of Jewish peddlers or 
merchants in Lafayette, Ind., by the name of Kuhn & Loeb. I think they were there 
about 1850. Probably they made money out of the new settlers who passed through 
Indiana on their way to the Northwest. This firm of Jews had finally moved to New 
York and had set themselves up as private bankers and had grown rich. 

Jacob Schiff married Teresa Loeb and became the head of Kuhn, Loeb & Co. 
Schiff made a great deal of money here for himself and for the Jewish money 
lenders of London, he began to give orders to Presidents almost as a matter of 
course. He appears to have been a man who would stop at nothing to gain his own 
ends. I do not blame him for being a Jew. I blame him for being a trouble maker. 

Russia had a powerful enemy in this man, Jacob Schiff. The people of the United 
States were to believe that this enmity of his was caused by wrongs done to Russian 
Jews. I look elsewhere for the motives which animated him. In the 1890's Schiff 
was the agent in this country of Ernest Cassell and other London money lenders. 
These money lenders were looking forward to a war between England and Russia 
and were making preparations for propaganda designed to support England in the 
United States. 

This country was then a debtor nation, paying a high yearly tribute to Schiff and 
his principals. Schiff accordingly took it upon himself to create a prejudice in the 
United States against Russia. He did this by presenting the supposed wrongs of the 

Russian Jews to the American public. Unpleasant tales began to appear in print. 
School children in this country were told the Jewish children were crippled for life 
by Russian soldiers wielding the knout. By unfair means a wedge was driven 
between Russia and the United States. 

One of Schiff s schemes was a sort of wholesale importation of Russian Jews 
into the United States. He drew up divers and sundry regulations for the temporary 
transplantation of these Jewish emigrants. He would not, he said, have them enter 
this country through the port of New York, because they might like New York too 
well to leave it for the outposts he had selected for them. He said it would be best 
to have them come in at New Orleans and to have them stay there two weeks, "so 
that they could pick up a few words of English and get a little money" before setting 
off for what he called the "American hinterland." 

How they were to get the money he did not say. Aided by Schiff and his 
associates, many Russian Jews came to this country about that time and were 
naturalized here. A number of these naturalized Jews then returned to Russia. 
Upon their return to that country, they immediately claimed exemption there from 
the regulations of domicile imposed on Jews; that is, they claimed the right to live 
on purely Russian soil because they were American citizens, or "Yankee" Jews. 

Disorders occurred and were exploited in the American press. Riots and 
bombings and assassinations, for which somebody furnished money, took place. 
The perpetrators of these outrages appear to have been shielded by powerful 
financial interests. While this was going on in Russia, a shameless campaign of 
lying was conducted here, and large sums of money were spent to make the general 
American public believe that the Jews in Russia were a simple and guileless folk 
ground down by the Russians and needing the protection of the great benefactor, of 
all the world-Uncle Sam. 

In other words, we were deceived. We were so deceived that we allowed them to 
come in here and to take the bread out of the mouths of our own American citizens. 
I come now to the time when war was declared between Russia and Japan. This 
was bought about by a skillful use of Japan so that England would not have to fight 
Russia in India. It was cheaper and more convenient for England to have Japan 
fight Russia than to do it herself. 

As was to be expected, Schiff and his London associates financed Japan. They 
drew immense quantities of money out of the United States for that purpose. The 
background for the loans they floated in this country had been skillfully prepared. 
The "sob stuff, of which Schiff was a master, had sunk into the hearts of 
sympathetic Americans. The loans were a great success. Millions of American 
dollars were sent to Japan by Schiff and his London associates. England's 
stranglehold on India was made secure. Russia was prevented form entering the 
Khyber Pass and falling on India from the northwest. Japan at the same time was 

built up and became a great world power, and as such is now facing us in the 

All this was accomplished by control of the organs of American publicity, 
releases to the effect that Russian Jews and "Yankee" Jews were being persecuted 
in Russia, and by the selling of Japanese war bonds to American citizens. While the 
Russo-Japanese War was in progress President Theodore Roosevelt offered to act as 
peacemaker, and a conference between representatives of the belligerents was 
arranged to take place at Portsmouth, N.H. When the Portsmouth Conference took 
place, Jacob Schiff attended it and used such influence as he had with Theodore 
Roosevelt to win favors for Japan at the expense of Russia. 

His main object, then as always, was humiliation of Russians, whose only crime 
was that they were Russians and not Jews. He endeavored to humiliate the 
Russians, but Count Witte, the Russian plenipotentiary, did not allow him to 
succeed in this attempt. Schiff s power and the power of his organized propaganda 
were well understood by Count Witte, however. Consequently he was not surprised 
when President Roosevelt, who was often deceived, twice asked him to have Russia 
treat Russian Jews who had become naturalized in the United States and who had 
thereafter returned to live in Russia with special consideration; that is, not as Jews 
but as Americans. 

Witte carried home a letter from Roosevelt embodying this plea. Mr. Speaker, 
the restrictions upon Jews in Russia at that time may or may not have been onerous. 
But onerous or not, before the Russians had time to change them, Schiff had the 
80-year-old-treaty of friendship and good will between Russia and the United States 
denounced. Speaking of this matter, Count Witte says in his autobiography: "The 
Russians lost the friendship of the American people." 

Mr. Speaker, I cannot believe that those people — the real Russians — ever lost 
the true friendship of the American people. They were done away with to suit the 
ambitions of those who intend to be the financial masters of the world, and some of 
us were deceived into thinking that in some mysterious way they, themselves, were 
to blame. The chasm that suddenly opened between ourselves and our old friends 
and well-wishers in Russia was a chasm created by Schiff the vindictive in his 
inhuman greed, and he created it in the name of the Jewish religion.... 

Mr. Speaker, the people of the United States should not permit financial interests 
or any other special interests to dictate the foreign policy of the United States 
Government. But in this connection history is now repeating itself. You have 
heard, no doubt, of the so-called persecutions of Jews in Germany. Mr. Speaker, 
there is no real persecution of Jews in Germany. Hitler and the Warburgs, the 
Mendelssohns and the Rothschilds, appear to be on the best of terms. 

There is no real persecution of the Jews in Germany, but there has been a 
pretended persecution of them because there are 200,000 unwanted Communistic 

Jews in Germany, largely Galician Jews who entered Germany after the World 
War, and Germany is very anxious to get rid of those particular Communistic Jews. 
The Germans wish to preserve the purity of their own blond racial stock. They are 
willing to keep rich Jews like Max Warburg and Franz Mendel ssohns, whose 
families have lived in Germany so long that they have acquired some German 
national characteristics. But the Germans are not willing to keep the Galician Jews, 
the Upstarts. 

So a great show is put on, largely by German Jews themselves, in the hope that 
Uncle Sam will prove himself to be as foolish as he was before and that we will 
allow those Galician and Communistic Jews to come in here. That is why Miss 
Perking has been placed in charge of the Department of Labor. She is there to 
lower the immigration bars. It is thought that, being a woman, she may disarm 
criticism. She is and old hand with the international Jewish bankers. If she were 
not, she would not be here in a Jewish-controlled administration. 

When the so-called "anti-Semitic campaign" designed for American 
consumption was launched in Germany, France was alarmed because she feared the 
Galician Jews might be dumped on French soil. French newspapers published 
articles concerning the menace, but now that France has been shown that the 
purpose of the anti-Semitic campaign is to dump the 200,000 communistic Jews on 
the United States she is worried no longer. "Ah", she says, "01' Uncle Sam, he is to 
be the goat. Very good." 

Mr. Speaker, I regard it as a pity that there are Americans who love to fawn upon 
the money Jews and to flatter them. Some of these unfortunates are under 
obligations to Jewish money changers and dare not cross them.... 

You have witnessed the unlawful seizure by Franklin D. Roosevelt of gold 
reserves and other values belonging to the people of the United States, the 
destruction of banks, the attempted whitewashing of the Federal Reserve Board and 
Federal Reserve banks, the corruption of which he admitted in his campaign 
harangues; and you may have noticed that what was confiscated is not in the hands 
of the present constitutional Government but in the hands of the international 
bankers who are the nucleus of the new government Roosevelt is seeking to 
establish here. 

Roosevelt's actions are not in accordance with the Constitution of the United 
States. They are in accordance with the plans of the Third International. 

At one time Trotzky was a favorite with Jacob Schiff During the war Trotzky 
edited Novy Mir and conducted mass meetings in New York. When he left the 
United States to return to Russia, he is said upon good authority to have traveled on 
Schiff s money and under Schiff s protection. He was captured by the British at 
Halifax and immediately, on advice from a highly placed personage, set free. 
Shortly after his arrival in Russia he was informed that he had credit in Sweden at 

the Swedish branch of the bank owned by Max Warburg, of Hamburg. This credit 
helped to finance the seizure of the Russian revolution by the international Jewish 
bankers. It assisted them in subverting it to their own ends. 

At the present time the Soviet Union is in debt. From the date of Trotzky's 
return to Russia the course of Russian history has, indeed, been greatly affected by 
the operations of international bankers. They have acted through German and 
English institutions and have kept Russia in bondage to themselves. Their relatives 
in Germany have drawn immense sums of money from the United States and have 
in turn financed their agents in Russia at a handsome profit. The Soviet 
Government has been given United States Treasury funds by the Federal Reserve 
banks acting through the Chase Bank and the Guaranty Trust Co. and other banks in 
New York City. 

England, no less than Germany, has drown money from us through the Federal 
Reserve banks and has re-lent it at high rates of interest to the Soviet Government 
or has used it to finance her sales to Soviet Russia and her engineering works within 
the Russian boundaries. 

The Dnieperstroy Dam was built with funds unlawfully taken from the United 
States Treasury by the corrupt and dishonest Federal Reserve Board and the Federal 
Reserve banks.... 

Mr. Speaker, an immense amount of United States money has been used abroad 
in preparations for war and in the acquisition and the manufacture of war supplies. 
Germany is said to be part owner of a large poison-gas factory at Troitsk on Russian 
soil. China is almost completely Sovietized, and in the Asiatic interior huge stocks 
of munitions are said to be stored awaiting the day when the war lords of the United 
States will ship United States troops to Asia. 

Mr. Speaker, the United States should look before it leaps into another war, 
especially a war in Asia. It should decide whether it is worth while to join hands 
with Russia and China in a war against Japan. For myself, I say and I have said it 
often that the United States should remember George Washington's advice. It 
should mind its own business and stay home. It should not permit the Jewish 
international bankers to drive it into another war so that they and their Gentile 
fronts and sycophants by way of Louis McHenry Howe, the graftmaster, may reap 
rich profits on everything an army needs from toilet kits to airplanes, submarines, 
tanks gas masks, poison gas, ammunition, bayonets, guns, and other paraphernalia 
and instruments of destruction. (CR, June 15, 1934)